Updating or renovating a home is always a big deal. Whether you are sprucing up your home for selling or just looking forward to improving your standard of life, you must ensure that you are going for the most sensible decisions. To make sure that you are getting a worthy return for the money you are investing, we are going to discuss certain renovations that you must avoid this winter in Ohio.
Should You Rethink Your Renovation Plan in Ohio?
In 2021, the median cost per renovation project in Ohio was around $18,000. Considering the time, money, and effort you invest in such a project, you must ensure that the project will bring you a good return on investment. You can’t just finish a project and find out that it was good for nothing.
Therefore, before starting a renovation project in Ohio, you should think wisely about why you want to go for it. You should research how much value the renovation can potentially add to the property. Also, if you don’t have any plans to sell anytime soon, find out how it can improve your quality and standard of living.
Renovations To Avoid in Ohio This Winter
If a renovation project can’t offer you the expected ROI and can’t improve your lifestyle, then you should rule out that renovation right away. Considering the current trends and market conditions in Ohio, you should avoid the following renovation projects this winter:
1. Swimming Pool Renovations
People often think that swimming pool renovations can be excellent renovations to perform, but the truth is that such projects often return only 65-70% of your investment. The return can be worse in Ohio as it has a seasonal climate. Considering that the average cost of such a project is $34,326, it is definitely not sensible to go for it unless the return is satisfying.
However, even if you can’t make a good return on the investment, the project can be worth going for if it can offer you the joy and pleasure of using it.
2. Luxury Kitchen Upgrades
The right kitchen remodeling projects can offer you up to 100% return on investment if done correctly. However, there should be limits to what you are spending for and the amount you should spend. Considering the buyer demand and preferences in Ohio, you can’t expect a high ROI from luxury kitchen upgrades in Ohio.
The average cost of luxury kitchen upgrades is around $158,015. However, for kitchen upgrades costing more than $135,000, the ROI can be as low as 54%. Ultimately, such upgrades won’t be efficient for you at all.
3. Upscale Bath Remodeling
If your current bathroom is functional enough, you probably shouldn’t try to turn it into a luxurious little paradise. Bathroom renovations should always focus on efficiency. If you are undertaking remodeling projects that are luxurious but not efficient, it can harm your home value.
The end result of expanding the space, adding high-end fixtures, freestanding showers, custom cabinetry, or heated floors would certainly be amazing. However, you can expect only around 53.5% return from such investments in Ohio. Considering that the average cost of upscale bathroom remodeling is $82,880, such a return on investment is not worth it at all.
4. Merging Two Small Bedrooms Into One
The trend of merging two smaller bedrooms into one large room has become a common trend these days. However, such a project can reduce your home value. With an average cost of $2,000 to $10,000, the project is quite expensive. Also, an additional room can add around 15% to the home value in Ohio, which you lose out on by merging two bedrooms into one.
On the other hand, if you are worried about the outcome of listing a home with small bedrooms, you should know that it won’t be as much of a big deal as you might be thinking. Most buyers in Ohio, especially families with kids, would be happy with small additional rooms.
A sunroom allows sunlight to pass through your roof, as it is made of glass. As it brings the warmth of the sun inside your room, the idea of it mostly comes to people’s minds in winter.
However, the truth is that this renovation doesn’t make sense for all homeowners. It can help you only in the warm months, and not in the winter. Considering its cost range of above $30,000 and ROI of 50%, this renovation project won’t be a good project to undertake during this winter in Ohio.
Should Renovate or Buy A New Home?
If you are planning to buy a run-down home at a cheaper price than fix to get it to the original condition, you must calculate the cost first. Sometimes the costs can be so expensive that it might exceed the new home price. For example, new home price in Beavercreek starts at $400k. Yet if you find a home to flip at the same area, you won’t get anything below $300k. If you have to add another $100k for renovation, that will make no sense. So it will be better to keep an eye market listings and analzye your cost before making your final decision.
Home renovation projects not only improve your quality of life but also increase your home’s value. However, you should avoid the projects we’ve mentioned in this article, as they don’t offer the ROI compared to the time, effort, and money you offer.